FHA will increase its loan limit ceiling from $356,362 to $420,680 in most areas of the country.Ā Higher FHA Loan Limits for 2022 New loan limits may be used with applications immediately, however: FHA Loans must wait until after January…
New 2022 Conventional Loan Limits – $647,200 New 1-unit limit $647,200 in most of the United StatesĀ 2-unit: $828,700 3-unit: $1,001,650 4-unit: $1,244,850 Start using today!Ā To see if your existing lock is eligible for changes, contact the lock desk…
GMFS is pleased to announce changes to our Jumbo Express Guidelines effective for locks taken out on and after Monday, November 1, 2021. This program includes significant new updates to help you further accelerate your jumbo business. Jumbo Express Changes/Highlights…
GMFS is pleased to offer Freddie Macās new Refi Possible, available immediately. Refi Possible provides expanded flexibilities suitable for borrowers who may not have taken advantage of low interest rates and want to refinance into a more sustainable mortgage that…
Good News! USDA has recently made changes that may allow prospective buyers with student loans more flexibility. Borrowers in an Income Based Repayment Plan (IBR), Income Contingent (IC), Graduated or Adjustable repayment plan can now qualify with the actual payment…
Good News! Fannie / Freddie Cap on Investment Properties and Second Homes Has Been Temporarily Suspended What This Means For You: Effective immediately, GMFS will no longer have additional loan level price adjustments over the agency adjustments on second home…
GMFS offers multiple home loan disaster programs to assist disaster victims to purchase a new primary residence or repair their current home. Program features and qualifications vary, but each will provide helpful benefits to impacted disaster victims in a Designated…
As we continue to work through disaster recovery from Hurricane Ida, the Lock Desk is making certain accommodations to help you and your borrowers. We ask that you work through your pipeline and notify the lock desk of any locks…
Coming with the next DU update the week of September 18th, DU will be modifying their risk assessment, GMFS will adopt Fannie Mae guidelines and updates as released on August 11, 2021. To read the completeĀ Release Notes click here. DU…
Important: Pricing Adjustment – Investment Properties and Second Homes Updated adjustment effective immediately As announced previously, in response to Fannie/Freddie cap on investment properties and second home transactions, GMFS has added additional pricing adjustments. We have monitored our percent of…
In accordance with the new FHFA announcement, GMFS pricing has been updated with theĀ removal of the adverse market feeĀ for all applicable conventional refinancesĀ effective with new locks immediately.Ā
CAFA has recently announced they have added their programs in the following Louisiana Parish: Rapides Purchase Advantage powered by CAFA is a unique program to jump-start Louisiana homeownership . Eligible borrowers can receive an assistance amount of 3% or 4%…
Did you know – Borrowers with 20% liquid assets may still qualify for 100% financing with USDA? If the borrower has personal non-retirement liquid asset funds of at least 20% of purchase price then perform the below conventional test: The…
Freddie Mac is imposing strict rules concerning Power of Attorney that would only allow use for a bonafide medical emergency, natural disaster or other hardship for all mortgage with Application Received Dates on or after June 30, 2021. Defining what…
HUD has announced that they will reduce the student loan payment required to include in the DTI to .5% when there is no payment listed on the credit bureau. This will be required for all cases assigned on or after…